The 22nd annual Retiree Health Care Cost Estimate from Fidelity Investments estimates that a 65-year-old resigning this year will have to pay out a typical $157,500 in healthcare and medical costs.
According to Hope Manion, senior vice president and chief actuary at Fidelity Workplace Consulting, medical care expenses in retirement might be among the highest.
Manion tells FOX Business that the estimation was made to assist Americans in preparing. “While this amount may seem stressful, with careful strategy and regular savings, you may be much better prepared to retire when and where you choose.”
According to the business, Fidelity’s 2023 forecast is unchanged from the previous year as a result of anticipated restrictions on senior out-of-pocket expenses for prescribed medicines beginning in 2025.
Based on Fidelity, it’s the 1st time in almost ten years that the expected healthcare expenses for retirees have remained constant from year to year.
According to a press release, the projection is based on seniors being registered with traditional Medicare, that among Medicare Part A and Part B include costs for hospitalizations, doctor visits and goods and services, physical therapy, lab testing, and more, as well as in Medicare Part D, that covers prescription medicines.
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